In your own words... 2. Identify the role of businesses in the circular flow.

3. Identify the role of workers/individuals in the circular flow.

4. Define "The Law of Demand”.

5. Explain the substitution effect and give an example from your personal life

6. List & explain 3 factors that affect demand

7. Explain price elasticity and name 1 product this is elastic and 1 that is inelastic

8. Define "The Law of Supply"

9. List 3 determinants (factors) of supply.

10. What are the two main variables in the law of supply and what is the relationship between the two?

In your opinion which are the 3 most important statistics to improve to promote a better future in america and why?

Dr. redbull conducts a study to determine whether her new energy drink children perform better on spelling tests. she randomly assigns children to one of two groups: group 1 receives her energy drink and group 2 receives water. she then gives both groups a spelling test and compares the results. which of the following is true about this study? a. group 1 is the dependent variable and group 2 is the independent variable. b. this is a correlational study. c. group 2 is the experimental group. d. the independent variable is the type of drink the children receive.

What does it signify if point 1 shifts down and to the right? a. the price level and the real gdp are falling. b. the real gdp is falling, and supply is increasing. c. the price level is rising, and production is increasing. d. the price level is falling, and demand and the real gdp are rising.